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Thursday, 16 October 2014

Delhi tops India list for property fraud cases. Here’s how people are being duped

Delhi tops the list in terms of cases related to
property fraud and misappropriation among all states and union
territories in the country, according to the National Crime Records
Bureau (NCRB).

The total number of cases reported in sections of property lost under
criminal breach of trust and cheating during 2013 was 181, the highest
in the country, the report says.

While eight cases among them were of criminal breach of trust, 173
cases were of cheating. Delhi was closely followed by Maharashtra with
176 cases, while Punjab came third with 82. The Economic Offences Wing
(EOW) of Delhi Police which investigates financial crimes also says that
there has been a spurt in such cases.

“Around 30 percent of all the cases which are reported to us are
related to real estate,” Joint Commissioner of Police (EOW) Satish
Golcha told PTI. Selling mortgaged property to multiple buyers or on
fudged papers have been the typical methods, but now people are coming
up with unique ways to con investors these days, police said.

“In a recent case, a real estate firm in its promotional documents
used projects executed by some other entity to gain investors’ trust,”
said a senior police official. An FIR was lodged by one Surrinder Kumar
Bangla, a former Assistant General Manager at SBI, against the promoters
of Cosmic Structures Ltd at Janakpuri Police Station of West Delhi
under provisions like Sections 420 (cheating), 120B (criminal
conspiracy), etc.

Bangla allegedly paid Rs 70,000 and booked a virtual space in an
upcoming tower in Noida of Cosmic Structures Ltd after its promoters
provided him with a list of projects they claimed to have developed,
constructed and delivered across the country.

“However, Bangla later came to know that the projects Cosmic Structures Ltd was boasting off were actually of Quality Constructions and he demanded a refund. He later approached court and got an FIR registered. Police is investigating the case,” said the official. Meanwhile, the owner of
Quality Constructions, Rajesh Lamba, who is the brother of late
cricketer Raman Lamba, approached Delhi High Court requesting it to
restrain Cosmic Structures Ltd from using his name for their promotion.
The ruling as sought was granted to Lamba by the court in an order on
April 3. He has also filed a case in this regard at EOW and it currently
is under investigation.